BREAKING: Tampa Bay Buccaneers Release Darrelle Revis

Buccaneers cornerback Darrelle Revis, owner of what was once regarded as the most precious piece of Tampa Bay-area real estate, Revis Island, has officially relocated.

The All-Pro was released Wednesday afternoon after unsuccessful trade attempts by the Buccaneers. He is now a free agent.

“We would like to thank Darrelle for his time and effort with our organization last year,” Buccaneers general manager Jason Licht said in a statement issued by the team.

“Darrelle showed a lot of heart last year as he worked extremely hard to get himself back on the field following his knee injury sustained the previous season.”

Licht continued, “We have specific ideas regarding the best way to build this defense and, while you never like to lose a good player, we believe this is in the best interests of our team moving forward. Darrelle was a true professional here in Tampa Bay and we wish him continued success in his career.”

According to Revis’ contract, at 4:01 p.m., if still on the Bucs roster, he’d earn a $1.5 million signing bonus. That would also mean that the conditional 2014 fourth-round pick that Tampa Bay owes New York would become a third rounder.

The move immediately frees up $16 million in cap space for the Buccaneers, who have had a very active first 24 hours of free agency.

Last year, the Bucs traded away a first-round draft pick for 2013 and a conditional draft choice for 2014, inking Revis to a six-year deal worth $96 million.

Despite missing the preseason, he started all 16 games last year, registering 50 combined tackles, 11 pass breakups, two interceptions and a sack, earning himself an invite to the Pro Bowl.